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CARTON HOUSE HOTEL is going on sale today with an asking price of €60 million.
The owners say they have reached consensual agreement with NAMA to put the 668 acre estate near Maynooth, Kildare on the market.
The Mallaghan family and Carton Development Partnership are the joint owners. It’s understood that around €90 million has been spent refurbishing the resort since 1999.
The hotel has 165 bedrooms, including 18 suites located in the original house.
The hotel is known for its impressive sports facilities and golf course. It’s regularly used by the Irish national rugby team and most recently by the 2017 British & Irish Lions.
The facility includes soccer, GAA and rugby training pitches, which have been used in the past by Real Madrid and AC Milan as well as many UK based teams.
It also features two 18-hole championship golf courses and has hosted many championships including the Irish Open on three occasions, most recently in 2013.
Carton House dates back to 1739 and selling agents Savills describes it as “one of Ireland’s most historically important stately homes”.
It was the ancestral home of the FitzGerald family, Earls of Kildare and Dukes of Leinster.
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60m looks like good value for that. It really is stunning
@Nick Allen: €60 million for over 600 acres of land and Carton House seems very under rated! Oh wait NAMA rated it so that figures!
@Nick Allen: Well if you have an estate worth €60m and you spend €90m on it and you put it up for sale at €60m you must be giving it away to a vulture capitalist……. who else would contemplate selling part of Ireland’s history but NAMA.
@Deborah Behan: what w
@Deborah Behan: what would be the correct valuation so? IMO and being conservative the 600 acres would be valued at 12m let’s call it 15m at current prices, that leaves the remainder being valued at 45m. Doesn’t seem to wide off the mark if you ask me.
@Shane Lawlor: depends on how much an 18″hole championship golf course is worth really. Then it depends on doubling that and that’s just the golf courses.
@Dave O Keeffe: *18 hole
@Dave O Keeffe: Very true
@Gareth Cooney:
It would be interesting to get an independent valuation of CH
@Nick Allen: Starting price nick put another 30mill onto it
@Gareth Cooney: where is the bit that says it was worth 60mio before they spent 90mio on renovating it? Even if the total spend was 150 (90 +60) that does not mean it is worth 150mio. The value of something is what someone is willing to pay for it. If you think 60 mio is too cheap borrow the money then and buy it. If you are correct you will have no problem to borrow 60 mio as the lender would be guaranteed to get their money back!
@Mary Murphy: silly point Mary, seeing as it’s our property, he is talking from the vendor perspective not the buyer.
@Greg Blake: yeah exactly…so if its worth tons more and NAMA is selling it so cheaply why doesn’t he buy it?
I’d buy it myself but imagine trying to run that, the ‘home house’ (kathleen is already up to her eyes, had to buy her a new hoover the last day), all the new semi detached I am building down in Ballynowhere, and the apartment I bought I Bulgaria in an industrial estate, that I never go to but tell everyone about! I’ve enough on my plate
I hope the new owners improve the standard of food.
I attended a wedding here and the food was so poor. Really disappointing.
It looks great but if you are not getting the basics right there is a serious problem!!
It’s starting again
@Tony Lynch: what vultures coming in to buy distressed assets?I don’t think it ever stopped
@Tony Lynch:
What’s started? The spent 90m refurbishing it in the last 18 years and are selling it for 60m. Is this another property collapse you are referring to?
Understandably comments here are going to vary widely in opinion and conjecture. However, unless anyone here has seen the balance sheets, P+L for the business etc then we have no business saying it is good value or not at its 60m price tag.
I could buy half a Lukaku for that !
At the price they charge for breakfast and wine whoever buys it won’t be long getting the 60m back!!!
@P1: Wine with breakfast sounds good lol
Farmleigh House
Wouldn’t be very comfortable if I had a deposit down for a wedding here in the next year or 2 anyway!
@YouHaveGotToBeJoking: I’m sure it will be business as usual just a different hand on the wheel.
Sell Farleigh as well a waste of tax payers money
Sure that’s why our government reduced the vat on hospitality.
The customer didn’t benefit, the business did, so profitability improved.
Ergo, they become saleable, Get them off the NAMA book, & consolidate the loss to the Irish taxpayer.
Meanwhile, we can’t finance housing, sufficient nurses & teachers, adequate homecare, etc.etc.
No wonder voters are drifting to hard options, traditional politics has failed ordinary folk, & shows no sign of reformation.
have your say